Economics Exam Past Questions and Answers | JAMB, WAEC and NECO

Economics is the study of how societies allocate limited resources to meet the unlimited needs and wants of individuals. It focuses on the production of goods and services, economic growth, and various complex issues that are important to society.

• Question 561: An industry's supply curve is more likely to be elastic when firms are Options:
  A) enjoying free entry and exit
  B) operating at full capacity
  C) operating below capacity
  D) maximizing profits
  Show Answer
  The correct answer is A .
• Question 562: The Basic Needs Approach to development is Options:
  A) poverty alleviation
  B) provision of educational infrastructure
  C) provision of health services
  D) improvement in workers income
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  The correct answer is A .
• Question 563: One of the main achievements of the Economic Commission for Africa is Options:
  A) eliminating trade restrictions among states
  B) encouraging transport and communication development
  C) guaranteeing a steady flow of foreign investment into Africa
  D) providing the machinery for collaboration on monetary issues
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  The correct answer is A .
• Question 564: The loading of crude oil at the terminal is an activity in the Options:
  A) downstream sector of the oil industry
  B) upstream and downstream sector of the oil industry
  C) upstream sector of the oil industry
  D) midstream and upstream sectors of the oil industry
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  The correct answer is A .
• Question 565: What fundamentally determines how much a consumer spends in a producer's shop? Options:
  A) Individual's propensity to consume
  B) level of his taxation
  C) level of his income
  D) Individual's taste or fashion
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  The correct answer is C .
• Question 566: Which of the following is NOT a function of Nigeria commercial Banks? Options:
  A) Acceptance of deposit
  B) Lending of money
  C) Investment in securities and business
  D) Issue of currency
  E) Selling and buying of travellers cheques
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  The correct answer is D .
• Question 567: The theory of comparative advantage states that a commodity should be produced in that nation where the Options:
  A) Absolute cost is least
  B) Absolute money cost is least
  C) Opportunity cost is least
  D) Production possibility curve increases
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  The correct answer is C .
• Question 568:

  An example of transfer payments in national income accounting is

  Options:
  A) money transferred to another country
  B) unemployment allowance paid to the citizens
  C) the amount paid to a worker on transfer
  D) transfer of funds from one bank to another
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  The correct answer is B .
• Question 569: In the long-run, a monopolist maximized his profit when the marginal cost equals? Options:
  A) total revenue
  B) marginal revenue
  C) average revenue
  D) price
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  The correct answer is D .
• Question 570: A capital market differs from the money market in that in the former? Options:
  A) loan sought is short term
  B) loan reayment is guaranteed
  C) loan sought is long term
  D) the percentage of interest chargedis more
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  The correct answer is C .